|Published : 17 Apr 2017, 17:57:41 | Updated : 17 Apr 2017, 18:02:56|
Combating corruption is Ghana’s priority to put the economy on right track
A special prosecutor will be appointed in Ghana to investigate suspect deals agreed under the previous administration in west Africa’s second-biggest economy, according to a global media report.
Eight years of rule by John Mahama and his National Democratic Congress, came to an end in Ghana in the last December election, after a series of fiscal slippages.
One major focus of the new government in Accra is now an efforts to narrow the budget deficit -- which hit 9.0 per cent of gross domestic product (GDP) last year -- to between 3.0 and 4.0 per cent of GDP in 2018 in line with the targets of the International Monetary Fund (IMF).
Regaining the confidence of investors would be a tough task, according to one Accra-based investment banker who blamed the previous government for having repeatedly “broken faith”, the report added.
A big challenge for the finance minister, Ken Ofori-Atta, will be reducing debt, which is above 70 per cent of Ghana’s GDP.
Mr Atta was appointed as the finance minister by Nana Akufo-Addo who became president in January.
The minister has pledged to crack down on corruption and wasteful public spending, as part of the government attempts to plug a financing gap and keep its IMF programme on track.
Steps being taken by the government, as the finance minister was reported to have said, included rooting out ghost workers and ensuring all state contracts went to public tender.
The president had declared a war against corruption and that government officials were putting structures in place to make sure the country doesn’t go off the rails, the report added quoting the finance minister.